Real Estate News 02/23/2024

Today’s News Synopsis:

Existing home sales and new single-family housing starts are expected to grow modestly in 2024 amid lower mortgage rates and slowly strengthening homebuyer sentiment, according to the February 2024 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.

In The News:

Fannie Mae – “Housing Activity Expected to Pick Up in 2024 as Rates Move Lower“ (02-23-24)

“Economic Growth Still Predicted to Soften as the Labor Market Shows Signs of Cooling”

NAR –  “Mortgage Rates Are Getting Close to 7% Again” (02-22-2024)

“Mortgage rates have started climbing again, reaching the highest level since mid-December. The 30-year fixed-rate mortgage jumped to an average of 6.9% this week, Freddie Mac reports.”

Redfin –  “Housing Market Update: More Homes Hit the Market as Spring Approaches, But 7% Mortgage Rates Keep Buyers on the Sidelines” (02-22-24)

“More sellers are listing their homes as spring draws nearer. New listings rose 10% year over year during the four weeks ending February 18, the biggest increase in two months. Sellers are hoping to take advantage of high prices: Sale prices are up 6% year over year, the biggest increase since October 2022. ”

HousingWire –  “Office debt is stressing banks. That matters for mortgages” (02-14-2024)

“Since the Federal Deposit Insurance Corporation (FDIC) insures only up $250,000, the banks’ wealthier customers panicked and demanded all of their money immediately. A succession of bank runs wiped out the four banks, all of whom had concentrated too much of their customer base on this wealthy, tech-linked cohort.”

NAR-  “Snapshot of Race and Home Buying in America” (02-20-24)

“This report looks at homeownership trends, the mortgage market and affordability by race, and home buyer demographics from the 2023 Profile of Home Buyers and Sellers, home buyers and fair housing.”